New US sanctions against Iran couldn't come at a worse time for the Islamic Republic.

Wracked by internal political divisions and the effects of a deepening economic crisis which has sparked widespread protests, there are concerns the sanctions could play into the hands of the hardline Republican Guard.

Plus, this month Greece, the most seriously indebted European nation, is due to become the last country to exit the financial bailout scheme extended by the European Commission, the European Central Bank and the IMF. But that's not the end for Greece and it's sought an extension on loans and bailout funds worth billions of Euros in order to boost its cash reserves.

Greek leaders must be wondering what might have happened had they chosen the path that Portugal took by rejecting austerity measures imposed by the EU and IMF.

Portuguese prime minister Antonio Costa took the risk to reverse deep cuts to wages, pensions and social security and instead offered business incentives.

Today the economy has kick started and confidence has returned, not just within the economy but also the Portuguese people.

Guest: Liz Alderman, Chief European Business correspondent for The New York Times.